Beecher Bay First Nation listed as largest creditor of its housing companies

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The nation — a limited partner in one of the Spirit Bay companies and the sole shareholder of another — has told the court-appointed receiver that it is owed $3.2 million

The Beecher Bay First Nation is listed as the largest creditor of the companies responsible for the Spirit Bay development on reserve land in East Sooke.The nation has told the court-appointed receiver that it is owed $3.2 million.

The First Nation is a limited partner of Spirit Bay Developments and the sole shareholder of its general partner Beecher Bay GP Ltd. It’s also the sole shareholder of Spirit Bay’s other limited partner, a numbered company that owns the other general partner, TSD General Partners Inc. The Spirit Bay community has been operated through long-term leases granted to Spirit Bay Developments, which, in turn, sold sub-leases to the public.

The receiver’s Oct. 4 report says property subject to the receivership order includes 22 sub-leases on Marina Crescent, Hilltop Crescent, Marina Drive, Sunset Place, Spirit Bay Road and Ridgeline Road.

 

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